TIDMINV

RNS Number : 9947K

Investment Company PLC

08 January 2021

LEI: 2138004PBWN5WM2XST62

The Investment Company PLC

(the "Company")

Interim Dividend Declaration

Portfolio Update

NAV Announcements

The Company is pleased to provide an update following the approval of the Company's new investment policy and objective at the General Meeting held on 4 November 2020, together with the declaration of an interim dividend.

Dividends

The Company announces that it has declared an interim dividend of 1 pence per ordinary share, payable on 26 February 2021 to ordinary shareholders on the register on 22 January 2021. The ex-dividend date will be 21 January 2021.

Following the implementation of the Company's new investment policy and objective, focused on protecting the purchasing power of its capital in real terms, payment of dividends is not the key objective of the Company. The Company will therefore discontinue its policy of paying quarterly dividends and will instead make any dividend declarations on an annual basis. As a result, the directors do not intend to declare any further dividends until after the end of the current financial year ending 30 June 2021 and future dividends, if any, will reflect any excess income from the investment portfolio after accounting for the Company's costs.

Portfolio Update

The Company has made substantial progress in transitioning its portfolio away from the historical income focus and towards the new objectives of protecting the purchasing power of its capital and participating in enduring businesses. Though this transition is still ongoing, the directors are pleased to provide details of the portfolio as at 31 December 2020, shown in the table below, as an indication of the progress made so far.

Further updates will be provided at the time of the release of the Company's interim results for the six months ended 31 December 2020, which are expected to be released in February 2021.

 
 Unaudited portfolio as 
  at 
  31 December 2020 
 
 Security                           Country          Holding   Value (GBP)     % 
 
 Hal Trust                          Netherlands       10,000     1,047,261     6.8% 
 Bakkafrost                         Faroe Islands     15,000       785,008     5.1% 
 Tonnellerie François 
  Frères Group                 France            25,000       597,476     3.9% 
 Unilever                           UK                13,300       584,136     3.8% 
 British American Tobacco           UK                21,000       568,680     3.7% 
 Franco-Nevada                      Canada             6,000       548,975     3.6% 
 Emmi                               Switzerland          700       527,766     3.4% 
 Lucas Bols                         Netherlands       55,000       485,410     3.2% 
 Rio Tinto                          UK                 8,320       455,104     3.0% 
 Strix Group                        Isle of Man      208,636       454,826     3.0% 
 Imperial Oil                       Canada            32,000       443,388     2.9% 
 Barrick Gold                       Canada            25,000       416,453     2.7% 
 Bucher Industries                  Switzerland        1,200       402,814     2.6% 
 ForFarmers                         Netherlands       70,000       333,333     2.2% 
 Safilo Group                       Italy            300,000       202,336     1.3% 
 Diageo                             UK                 6,600       189,948     1.2% 
 
 Total equity participations                                     8,042,914    52.3% 
                                                              ------------  ------- 
 
 Six Hundred Group 8% 14/02/2022    UK               500,000       435,000     2.8% 
 Intercede Group 8% 29/12/2021      UK               450,000       360,000     2.3% 
 Renold 6% Preference Shares        UK               422,109       363,014     2.4% 
 Northgate 5% Preference 
  Shares                            UK               532,763       181,139     1.2% 
 Other legacy holdings              Various                        118,204     0.8% 
 
 Total fixed income & other 
  legacy holdings                                                1,457,356     9.5% 
                                                              ------------  ------- 
 
 Invesco Physical Gold ETC          UK                15,000     2,012,364    13.1% 
 WisdomTree Physical Gold 
  ETC                               UK                11,500     1,510,169     9.8% 
 WisdomTree Physical Swiss 
  Gold ETC                          Switzerland        9,000     1,201,558     7.8% 
 
 Total gold                                                      4,724,091    30.7% 
                                                              ------------  ------- 
 
 Sterling Cash                                                   1,221,865     7.9% 
 Other liabilities net of 
  other assets                                                    (59,053)    -0.3% 
 
 Total cash and other net 
  assets                                                         1,162,362     7.6% 
                                                              ------------  ------- 
 
 Total Assets                                                   15,386,723   100.0% 
                                                              ------------  ------- 
 

NAV Announcements

As announced on 5 January 2021, the Net Asset Value ("NAV") per Ordinary Share (including unaudited current period revenue) at 31 December 2020 was 322.43 pence.

To reflect the long term nature of the Company's portfolio and to reduce the costs and administrative burden on the Company, announcements of the Company's NAV will in future be made on a monthly basis, following the month end, rather than weekly as was the previous practice.

Enquiries

 
 The Investment Company 
  Ian Dighé, Chairman            +44 (0) 20 3934 6630 
                                      info@theinvestmentcompanyplc.co.uk 
 
 Shore Capital (Financial Adviser 
  and Broker) 
 Robert Finlay                       +44 (0) 20 7408 4090 
 Rose Ramsden 
 
 Maitland Administration Services 
 Faith Pengelly                      +44 (0) 1245 950317 
 

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January 08, 2021 02:00 ET (07:00 GMT)